The global urology devices market was valued at USD 30,967.15 million in
2018, and is estimated to be valued at USD 44,804.97 million in 2024,
witnessing a CAGR of 6.35%. The key factors propelling the market growth
include high incidence of urologic conditions, rising geriatric
population, and technological advancements.

According to the American Urological Association Foundation (AUAF),
benign prostatic hyperplasia (BPH), urinary incontinence (UI), urinary
tract infections (UTIS), and kidney and ureteral stones are among the
most common urological diseases.

According to the United States Department of Health and Human Services,
the overall prevalence of CKD among the American population is about
14%, and almost half of the individuals with CKD suffer from diabetes
and/or cardiovascular diseases. Annually, more than 661,000 Americans
suffer from kidney failure, and 468,000 patients are given dialysis.
Urinary tract infections (UTIs) are one of the most common microbial
diseases affecting people of all age groups.

Globally, UTIs affect around 150 million people every year. Diabetic
patients have a higher risk of developing UTIs and complications
associated with it. With a global increase in diabetic population,
complications, like dysuria and organ damage that are associated with
UTIs, are also on the rise.

With high incidence rates and health complications associated with
urological diseases, there is an increasing demand for healthcare
interventions to manage them, which, in turn, is propelling the market
of urology surgical and diagnostic devices.

Key Market Trends

Kidney Disease is Expected to hold its Highest Market Share in the
Disease Segment

In the disease segment of the urology devices market, kidney disease is
believed to have the largest market size and is expected to witness a
CAGR of 6.47% during the forecast period.

The various kidney diseases include renal cyst, cystic kidney diseases,
chronic kidney disease, hemolytic-uremic syndrome, and lupus nephrite,
among others. Most of the kidney diseases lead to kidney failure, which
requires early diagnosis for prompt treatment.

According to the statistics by the National Kidney Foundation, in 2015,
it was estimated that chronic kidney diseases affected approximately 10%
of the world's population. However, most of this population remain
undiagnosed in the early stages, eventually leading to death, worldwide.
According to the Global Burden of Disease study, in 2010, chronic kidney
disease ranked 18th as the cause for the total number of deaths,
worldwide.

An increase in awareness, along with support from the government through
reimbursement, and innovation in products, in order to develop low-cost
and effective treatment, are some elements that are expected to drive
the market, over the forecast period. The highest growth rate is seen in
the Asia-Pacific countries that are contributed by India and China, due
to the increasing patient pool, availability of local low-cost products,
and rapid adoption of urology devices.

North America Dominates the Market and is Expected to do the Same in
the Forecast Period

North America currently dominates the market for urology devices and is
expected to continue its stronghold for a few more years. Benign
prostatic hyperplasia (BPH) is among the most untapped segments in the
urology market, with several US-based companies working on upgrading
their devices in this segment, either by collaboration or acquisition.
Recently, in 2018, Boston Scientific Corporation acquired NxThera and
its Rezm benign prostatic hyperplasia device.

Additionally, several ventures partners, as well as other investors have
funded significantly for minimally invasive devices for the treatment of
urology diseases. For instance, Zenflow received USD 31.4 million
funding, while UroCure, a medical device startup, raised USD 2.5 million
for urethral slings in 2018. The technology was acquired by Endo
International's subsidiary, American Medical Systems Holdings.

Thus, over the forecast period, technological advancements, a high
percentage of urology cases in hospitals, and increasing funding are
expected to be the major drivers for the growth of the urology devices
market.

Competitive Landscape

The urology devices market is highly competitive and consists of several
major players. With increasing technological advancements and product
innovations, mid-size to smaller companies are expected to increase
their market presence by introducing new devices with lesser prices.